DOCSLIB.ORG

Virtual Currencies in the Eurosystem: Challenges Ahead

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Virtual Currencies in the Eurosystem: Challenges Ahead STUDY Requested by the ECON committee Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Policy Department for Economic, Scientific and Quality of Life Policies Authors: Rosa María LASTRA, Jason Grant ALLEN Directorate-General for Internal Policies EN PE 619.020 – July 2018 Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Abstract Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs. This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Rosa María LASTRA, Centre for Commercial Law Studies, Queen Mary University of London Jason Grant ALLEN, Humboldt-Universität zu Berlin Centre for British Studies, University of New South Wales Centre for Law Markets and Regulation ADMINISTRATOR RESPONSIBLE Dario PATERNOSTER EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support EP committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal policies. To contact the Policy Department or to subscribe for updates, please write to: Policy Department for Economic, Scientific and Quality of Life Policies European Parliament B-1047 Brussels Email: [email protected] Manuscript completed in July 2018 © European Union, 2018 This document is available on the internet at: http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html DISCLAIMER AND COPYRIGHT The opinions expressed in this document are the sole responsibility of the authors and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Virtual currencies in Eurosystem: challenges ahead CONTENTS LIST OF FIGURES 5 LIST OF TABLES 5 EXECUTIVE SUMMARY 6 1. GENERAL INFORMATION 8 1.1. Definition and Focus 9 1.1.1. VCs and existing financial instruments 10 1.1.2. Distributed Ledger Technology 11 1.2. Differentiation 12 1.3. Border Problems 13 1.4. The Politics of the Cryptocurrency Movement 15 1.4.1. The Political Economy of VC Schemes 16 1.5. Early Regulatory Responses 17 1.5.1. Administrative decisions 18 1.5.2. Judicial decisions 20 1.5.3. Legislative acts 21 2. PRIVATELY ISSUED VIRTUAL CURRENCIES 23 2.1. The Direct Challenge 23 2.1.1. A question of credibility 23 2.1.2. An open back door 25 2.2. VCs as a Vector of Financial Contagion 25 2.2.1. Contagion from the shadow payments system 26 2.2.2. Contagion from risky digital assets 27 2.3. Conceptual Challenges 28 2.3.1. The problem of res digitales 28 2.3.2. Money or securities? 29 2.3.3. Differing conceptions of money 30 2.3.4. The abandoned middle ground 31 2.3.5. Monetary competition 33 2.4. VCs as ‘securities’ in the European context 34 2.5. Regulating a Revolution 35 2.5.1. Defining regulatory tasks 36 2.5.2. Financial Crime and Tax Evasion 37 2.5.3. The Role of Regulatory Technology 37 3. CENTRAL BANK ISSUED VIRTUAL CURRENCIES 39 PE 619.020 3 IPOL | Policy Department for Economic, Scientific and Quality of Life Policies 3.1. Reasons for CBVCs 39 3.2. Design considerations unique to CBVC 40 3.2.1. Access 40 3.2.2. Anonymity 41 3.2.3. Accessibility 41 3.2.4. Interest bearing 42 3.2.5. Transfer mechanism 42 3.3. CBVCs in the ESCB and Eurosystem 44 3.4. Central Bank VCs Issued in Third Countries 45 4. CONCLUSIONS 46 REFERENCES 47 ANNEX I 52 ANNEX II 53 4 PE 619.020 Virtual currencies in Eurosystem: challenges ahead LIST OF FIGURES Figure 1: The top 25 jurisdictions by number of ICOs and volume raised in ICOs 18 Figure 2: The ‘money flower’ 44 LIST OF TABLES Table 1: A comparison of different representations of value 52 PE 619.020 5 IPOL | Policy Department for Economic, Scientific and Quality of Life Policies EXECUTIVE SUMMARY 1. This paper examines the impact of Virtual Currencies (‘VCs’) on central banks in the Eurosystem.1 As our approach makes clear, economic accounts of the nature and functions of money are essential to any description of VCs and monetary policy, but this briefing paper focusses specifically on the legal aspects of VCs, money and monetary policy. 2. The paper is divided into three sections. In Section 1, we define VCs, explain some of their salient technical and economic features, and summarise their legal and regulatory treatment to date. VCs bear similarities to, but are distinguishable from, existing financial instruments including cash, bank deposits, and e-money. VCs are a species of financial hybrid that defies straightforward placement in established categories, and exacerbate ‘border problems’ between the regulated and unregulated space and between national jurisdictions. VCs are the product of a libertarian political project that is antagonistic towards central banking but harbour technological innovations which may be beneficial to the broader economy and monetary system. Most regulators have taken a ‘watch and wait’ approach to avoid stifling beneficial information. We recommend vigilance and coordinated action at the European level. 3. We draw a basic distinction between privately issued VCs and VCs issued by central banks. While they may share some technical features, these two classes of VCs raise some unique issues and will be treated separately in sections 2 and 3 respectively. 4. Many privately issued VCs pose a direct and intentional challenge to the monetary system and to central banks. In our view, however, privately issued VCs do not currently pose any serious risks to central banks’ money creation role in the Eurosystem. Further, we do not think that any VC currently in the market is likely to qualify for ‘money status’ in the near future. This justifies the ECB, the NCBs and national regulators maintaining a watch and wait strategy. However, this assessment is subject to change as the market in VCs matures and central bankers and regulators must monitor and respond proactively. 5. In our view, VCs do raise a number of issues of relevance to the Eurosystem. VCs (i) highlight difficult conceptual problems in the concept of ‘money’ and its relation to currency and non- currency payment systems; (ii) raise questions as regards the definition of securities, as many VC tokens likely fall under national and European definitions of the term but present a new class of digital security (‘crypto assets”); (iii) raise questions about the legal conceptions of immaterial objects as objects of property law that have implications for VC tokens’ legal categorisation (whether as ‘money’, ‘securities’, ‘commodities’, or anything else). 6. Further, VCs could create risks to the stability of the financial system if VC markets continue to grow at the current pace and continue to interact and entangle with the regulated financial system. This might occur (i) through regulated entities taking part in VC-based activities directly, (ii) unregulated entities offering mainstream financial services via VCs, (iii) regulated 1 As explained by Lastra in Chapter 7 of International Financial and Monetary Law (Oxford University Press, 2015), the European System of Central Banks (ESCB) is the central banking system of the European Union. The ESCB has a dual structure with the European Central Bank (ECB) at the centre, headquartered in Frankfurt, and the National Central Banks (NCBs) at the periphery. The ECB and the NCBs of the Member States whose currency is the euro constitute the Eurosystem, a term which since the Lisbon Treaty (2009) is now part of the primary law of the ESCB. Monetary policy is one of the basic functions of the European System of Central Banks according to article 127(2) of TFEU. Article 3 TFEU states that “[t]he Union shall have exclusive competence [for] monetary policy for the Member States whose currency is the euro” and Article 282(1) TEU makes it clear that the competence for the Union’s monetary policy rests in the Eurosystem. 6 PE 619.020 Virtual currencies in Eurosystem: challenges ahead entities lending to investors exposed in the VC market, (iv) regulated entities structuring regulated financial products on underlying VC assets. In particular, under (ii), there is a chance that the VC-based shadow payments system could grow to systemically important size. Further, the unregulated nature of VCs, and the dominance of quasi-anonymous VC schemes, raises challenges in terms of Anti-Money Laundering (‘AML’), Countering the Financing of Terrorism (‘CFT’) and tax evasion. 7. If the VC market continues to grow, central banks such as the ECB may face challenges in their monetary policy role as a large category of money-like payment instruments would be out of their oversight and control. 8. Central bank issued VCs (‘CBVCs’) have recently been proposed by a number of central banks in Europe and beyond. These proposals are motivated by a number of reasons, including (i) replacing cash as directly accessible central bank money, (ii) increasing the efficiency of central bank clearing and settlement functions, and (iii) augmenting central banks’ monetary policy toolkit. 9. Financial regulation generally follows crises.
Load more

Recommended publications
  • Central Banking in a Digital Age: Stock-Taking and Preliminary Thoughts
    A p r i l 2 0 1 8 Over Central Banking in a Digital Age: Stock-Taking and Preliminary Thoughts Eswar Prasad ______________________________________________________________________ THIS PAPER IS ONLINE AT https://www.brookings.edu/research/how-will-fintech- and-digital-currencies-transform-central-banking ABOUT THE AUTHOR Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow in the Global Economy and Development Program at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. A CKNOWLEDGEMENT S I am grateful to Isha Agarwal, Ritesh Shinde, Kaiwen Wang, Ethan Wu, Eva Zhang, and Yujin Zhang for excellent research assistance. I also thank my colleagues at Brookings, especially David Wessel, for thoughtful comments and discussions. Central Banking in a Digital Age: Stock -Taking and Preliminary Thoughts 2 HUTCHINS CENTER ON FISCAL & MONETARY POLICY AT BROOKINGS 1. Introduction This note provides a broad overview of how technological changes are likely to affect the practice of central banking. While the advent of decentralized cryptocurrencies such as Bitcoin has dominated the headlines, a broader set of changes wrought by advances in technology are likely to eventually have a more profound and lasting impact on central banks. While it is premature to speak of disruption of traditional concepts of central banking, it is worth considering if the looming changes to money, financial markets, and payments systems will have significant repercussions for the operation of central banks and their ability to deliver on key objectives such as low inflation and financial stability.
    [Show full text]
  • The Pre-History of Self-Determination: Union and Disunion of States in Early Modern International Law
    THE PRE-HISTORY OF SELF-DETERMINATION: UNION AND DISUNION OF STATES IN EARLY MODERN INTERNATIONAL LAW Han Liu* TABLE OF CONTENTS ABSTRACT ................................................................................................................ 2 I. INTRODUCTION ...................................................................................................... 2 II. THE STATE AND THE NATION STATE ................................................................... 7 III. TERRITORIAL ACCESSION IN EARLY MODERN EUROPE ...................................... 9 A. The King and the Sovereign .......................................................................... 9 B. Land and Territory ....................................................................................... 15 1. Division of Realms ................................................................................... 17 2. Land and Sovereignty............................................................................... 18 3. Dynastic-Patrimonial Territoriality .......................................................... 20 4. Shape of Early Modern Territory ............................................................. 22 C. Aggregating Land: Conquest and Inheritance.............................................. 24 IV. OUTSIDE EUROPE: LAND APPROPRIATION AND COLONIAL EXPANSION........... 27 A. Just War as Civilizing Process: Vitoria’s Catholic Argument ..................... 29 B. Conquest or Settlement: Locke, Vattel, and the Protestant Argument ........ 31 V. THE JURIDICIAL
    [Show full text]
  • A Model of Bimetallism
    Federal Reserve Bank of Minneapolis Research Department A Model of Bimetallism François R. Velde and Warren E. Weber Working Paper 588 August 1998 ABSTRACT Bimetallism has been the subject of considerable debate: Was it a viable monetary system? Was it a de- sirable system? In our model, the (exogenous and stochastic) amount of each metal can be split between monetary uses to satisfy a cash-in-advance constraint, and nonmonetary uses in which the stock of un- coined metal yields utility. The ratio of the monies in the cash-in-advance constraint is endogenous. Bi- metallism is feasible: we find a continuum of steady states (in the certainty case) indexed by the constant exchange rate of the monies; we also prove existence for a range of fixed exchange rates in the stochastic version. Bimetallism does not appear desirable on a welfare basis: among steady states, we prove that welfare under monometallism is higher than under any bimetallic equilibrium. We compute welfare and the variance of the price level under a variety of regimes (bimetallism, monometallism with and without trade money) and find that bimetallism can significantly stabilize the price level, depending on the covari- ance between the shocks to the supplies of metals. Keywords: bimetallism, monometallism, double standard, commodity money *Velde, Federal Reserve Bank of Chicago; Weber, Federal Reserve Bank of Minneapolis and University of Minne- sota. We thank without implicating Marc Flandreau, Ed Green, Angela Redish, and Tom Sargent. The views ex- pressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Chicago, the Fed- eral Reserve Bank of Minneapolis, or the Federal Reserve System.
    [Show full text]
  • Final Years of the Silver Standard in Mexico: Evidence of Purchasing Power Parity with the United States
    Munich Personal RePEc Archive Final Years of the Silver Standard in Mexico: Evidence of Purchasing Power Parity with The United States Bojanic, Antonio N. 2 May 2011 Online at https://mpra.ub.uni-muenchen.de/45535/ MPRA Paper No. 45535, posted 27 Mar 2013 02:12 UTC final years of the silver standard in mexico: evidence of purchasing power parity with the united states Antonio N. Bojanic* Professor of Economics / CENTRUM – Pontificia Universidad Católica del Perú Urbanización – Los Alamos de Monterrico – Surco, Perú ABSTRACT RESUMO This paper focuses on the use of silver as Este artigo enfoca o uso da prata como padrão a monetary standard in Mexico during monetário no México, durante aproximada- approximately the last three decades of the mente as três últimas décadas do século XIX nineteenth century and the first decade of e primeira década do século XX. Durante the twentieth century. During this period, esse período, vários eventos ocorreram no several events occurred in the market for mercado de prata, que afetaram os países silver that affected those countries attached atrelados a este metal. Estes eventos causa- to this metal. These events caused some ram alguns destes países a abandonar a prata of these countries to abandon silver for para o bem e adotar outros tipos de regime good and adopt other types of monetary monetário. México e alguns outros, preferiu arrangements. Mexico and a few others ficar com ele. As razões desta decisão são chose to stay with it.The reasons behind this analisados. Além disso prova, que apoia a decision are analyzed. Additionally, evidence teoria da paridade do poder de compra entre that supports the theory of purchasing power o México e os Estados Unidos são também parity between Mexico and the United States apresentados e analisados.
    [Show full text]
  • The Cases of the Liberty Dollar and E-Gold Lawrence H
    The Troubling Suppression of Competition from Alternative Monies: The Cases of the Liberty Dollar and E-gold Lawrence H. White Proposals abound for reforming monetary policy by instituting a less-discretionary or nondiscretionary system (“rules”) for a fiat- money-issuing central bank to follow. The Federal Reserve’s Open Market Committee could be given a single mandate or more gener- ally an explicit loss function to minimize (e.g., the Taylor Rule). The FOMC could be replaced by a computer that prescribes the mone- tary base as a function of observed macroeconomic variables (e.g., the McCallum Rule). The role of determining the fiat monetary base could be stripped from the FOMC and moved to a prediction mar- ket (as proposed by Scott Sumner or Kevin Dowd). Alternative pro- posals call for commodity money regimes. The dollar could be redefined in terms of gold or a broader commodity bundle, with redeemability for Federal Reserve liabilities being reinstated. Or all Federal Reserve liabilities could actually be redeemed and retired, en route to a fully privatized gold or commodity-bundle standard (White 2012). All of these approaches assume that there will con- tinue to be a single monetary regime in the economy, so that the way to institute an alternative is to transform the dominant regime. Cato Journal, Vol. 34, No. 2 (Spring/Summer 2014). Copyright © Cato Institute. All rights reserved. Lawrence H. White is Professor of Economics at George Mason University, a member of the Mercatus Center Financial Markets Working Group, and a Senior Fellow at the Cato Institute. 281 Cato Journal A different approach to monetary reform is to think about ways that alternative monetary standards might arise in the marketplace to operate in parallel with the fiat dollar, perhaps gradually to displace it.
    [Show full text]
  • Guidance for a Risk-Based Approach to Virtual
    GUIDANCE FOR A RISK-BASED APPROACH VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS JUNE 2019 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard. For more information about the FATF, please visit www.fatf-gafi.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Citing reference: FATF (2019), Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers, FATF, Paris, www.fatf-gafi.org/publications/fatfrecommendations/documents/Guidance-RBA-virtual-assets.html © 2019 FATF/OECD. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]) Photocredits coverphoto ©Getty Images GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS 1 │ Table of contents Acronyms ...............................................................................................................................................
    [Show full text]
  • The Nature of Corporate Governance: the Significance of National Cultural Identity
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of Essex Research Repository Queen Mary University of London, School of Law Legal Studies Research Paper No. 140/2013 The Nature of Corporate Governance: The significance of national cultural identity Janet Dine and Marios Koutsias Electronic copy available at: http://ssrn.com/abstract=2247943 The Nature of Corporate Governance: The significance of national cultural identity Preface The thesis of this book argues that national corporate governance is extremely important for societies. Recently many scholars have said that a convergence of corporate governance is inevitable. We believe that it is true but like Mark Twain said “the report of my death was an exaggeration”. We show that although there is some convergence national law of corporate governance is thriving. We also believe that it is necessary for the identity of each country. The reason that national diversity in corporate governance is still widespread is because of the history, philosophy and economy of each county as shown in its cultural heritage and it gives its identity. The cultural heritage in each state is identifiable in the Company Law and Corporate Governance Codes. We consider that this is crucial for the well being for democratic nations. Convergence in corporate governance is a threat to ordered commercial regulations because of the power of the preeminent economic paradigm in the West which is the neo-liberal model. The neo-liberal agenda that predicates deregulation, privatisation and the liberalisation of markets is moulding many jurisdictions into an Anglo- American model of corporate governance which is dangerous for a number of reasons;1 It is an extreme sort of utilitarianism without significant ethical principles It allows the growth of mega companies backed by powerful international institutions including the International Monetary Fund (IMF), the World Bank (WB), the Organisation for Economic Cooperation and Development (OECD) and the World Trade Organisation (WTO).
    [Show full text]
  • Research and Evaluations in Social, Administrative and Educational Sciences
    RESEARCH AND EVALUATIONS IN SOCIAL, ADMINISTRATIVE AND EDUCATIONAL SCIENCES EDITED BY Assist. Prof. Dr. Özlem KAYA AUTHORS Prof. Dr. Anil K. BERA Prof. Dr. Bülent GÜLOĞLU Assoc. Prof. Dr. Cevdet KIZIL Assoc. Prof. Dr. Ergun DEMIREL Assoc. Prof. Dr. Laura Sînziana CUCIUC ROMANESCU Assist. Prof. Dr. Ayhan BULUT Assist. Prof. Dr. Dilaysu ÇINAR Assist. Prof. Dr. Özlem KAYA Assist. Prof. Yılmaz DELİCE Dr. Abdullah TÜRK Dr. İlkay ERARSLAN Dr. Halil KÜÇÜKLER Dr. H. Vedat AKMAN Dr. Necip İhsan ARIKAN Dr. Osman DOĞAN Sevdenur KÜÇÜKLER RESEARCH AND EVALUATIONS IN SOCIAL, ADMINISTRATIVE AND EDUCATIONAL SCIENCES EDITED BY Assist. Prof. Dr. Özlem KAYA AUTHORS Prof. Dr. Anil K. BERA Prof. Dr. Bülent GÜLOĞLU Assoc. Prof. Dr. Cevdet KIZIL Assoc. Prof. Dr. Ergun DEMIREL Assoc. Prof. Dr. Laura Sînziana CUCIUC ROMANESCU Assist. Prof. Dr. Ayhan BULUT Assist. Prof. Dr. Dilaysu ÇINAR Assist. Prof. Dr. Özlem KAYA Assist. Prof. Yılmaz DELİCE Dr. Abdullah TÜRK Dr. İlkay ERARSLAN Dr. Halil KÜÇÜKLER Dr. H. Vedat AKMAN Dr. Necip İhsan ARIKAN Dr. Osman DOĞAN Sevdenur KÜÇÜKLER Copyright © 2021 by iksad publishing house All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including photocopying, recording or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. Institution of Economic Development and Social Researches Publications® (The Licence Number of Publicator: 2014/31220) TURKEY TR: +90 342 606 06 75 USA: +1 631 685 0 853 E mail: [email protected] www.iksadyayinevi.com It is responsibility of the author to abide by the publishing ethics rules.
    [Show full text]
  • Luciana De Paula Soares.Pdf
    UNIVERSIDADE NOVE DE JULHO FACULDADE DE DIREITO MESTRADO EM DIREITO LUCIANA DE PAULA SOARES CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL São Paulo 2021 LUCIANA DE PAULA SOARES CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL Dissertação de mestrado apresentada ao Programa de Pós-graduação em Direito da Universidade Nove de Julho - UNINOVE, como requisito parcial para obtenção do grau de Mestre em Direito. Orientador: Prof. Dr. Dr. h.c. João Maurício Adeodato São Paulo 2021 Soares, Luciana de Paula. Criptomoeda e Blockchain: o rigor das regras brasileiras frente ao mercado tradicional / Luciana de Paula Soares. 2021. 119 f. Dissertação (Mestrado) - Universidade Nove de Julho - UNINOVE, São Paulo, 2021. Orientador (a): Prof. Dr. João Maurício Adeodato. 1. Criptomoeda. 2. Blockchain. 3. Regulamentação. 4. Receita Federal do Brasil. 5. Banco Central do Brasil. I. Adeodato, João Maurício. II. Titulo. CDU 34 Luciana de Paula Soares CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS Dissertação apresentada ao REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL Programa Pós-Graduação Stricto Sensu Em Direito da Universidade Nove de Julho como parte das exigências para a obtenção do título de Mestre em Direito São Paulo, 04 de março de 2021. BANCA EXAMINADORA __________________________________ Prof. Dr. João Mauricio Leitão Adeodato Orientador UNINOVE ________________________________________ Prof. Dr. José Renato Nalini Examinador Interno UNINOVE ________________________________________ Profa. Dra. Alexandre Freire Pimentel Examinador Externo UNICAP AGRADECIMENTOS Agradeço primeiramente à minha família que sempre me apoiou nessa estrada sem fim e de inestimável valor, o estudo. Agradeço, ainda, a paciência dos meus filhos, ainda pequenos, em disponibilizar sua mãe para os livros em plena pandemia da Covid-19.
    [Show full text]
  • International Bimetallism
    STATEMENT RESPECTING THE WORK OF THE RECENT INTERNATIONAL BIMETALLIC COMh!ISSION HON.EDWARD 0.WOLCOTTa I I OF COLORADO, IN THE SENATE OF THE UNITED STATES, JANUARY 17, 1898. P WASHINGTON. 1898. r .C m: e* 4'~tatementRespecting the Work of the Recent Internationel Bimetallic Conkmission, BY I4UN. EDWAED 0. WOLGOTT, OF COLORADO, INTIIE SENATEOF TIIE UNITEDSTATES, Jaizunry 17, 1538. Mr. WOLCOTT s3id: Mr. PRESIDENT:In the statement which I am glad to make respecting certain phases of the work of the recent bimetallic com- mission. I must s-vealc, of course, entirely unoficiallv and as not committing my associates in the slightest degree &ither to my opinions or deductions. Later in the session we are certain to have ample discussion on the subject of silver, and it will proba- bly be acrid and bitter enough. In my remarks to-day, however, I mean to avoid, as far as possible, anything which may give rise to controversy, and while the account of our negotiations must necsssarily seem bare and colorless, the subject of them is one of surpassing interest and importance to every member of the Senate and to every citizen of our country. When Congress met a year ago, soon after the national election, there was a universal expression by the Republican membei-ship &nthe Senate that the pledge of the party in its St. Louis platform to promote international bimetallism by every aeans in its power was an undertaking to be faithfully carried out without evasion or delay. As a result of this sentiment, and growing out of the action of the Republican menibers of the Senate, I spent the monthsof Jan- uary and February last in London and Paris, with a day or two at Berlin, inquiring unofficially as to the apparent prospects of securing bimetallism by international agreement.
    [Show full text]
  • Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Rockoff, Hugh Working Paper Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking Working Paper, No. 2010-04 Provided in Cooperation with: Department of Economics, Rutgers University Suggested Citation: Rockoff, Hugh (2010) : Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking, Working Paper, No. 2010-04, Rutgers University, Department of Economics, New Brunswick, NJ This Version is available at: http://hdl.handle.net/10419/59460 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu February, 2010 Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking Hugh Rockoff Rutgers University and NBER Department of Economics 75 Hamilton Street New Brunswick NJ 08901 [email protected] 1 Abstract Adam Smith and Milton Friedman are famous for championing Laissez Faire, yet both supported government regulation of the banking system.
    [Show full text]
  • Decoding the Dilemma of Cryptocurrency Regulation in Kenya
    DECODING THE DILEMMA OF CRYPTOCURRENCY REGULATION IN KENYA UNIVERSITY OF NAIROBI JACQUELINE WANJIKU WAIHENYA G62/8613/2017 TO BE SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF LAWS - SCHOOL OF LAW, UNIVERSITY OF NAIROBI [PUBLIC FINANCE AND FINANCIAL SERVICES LAW] NOVEMBER 2020 Declaration by the Student I JACQUELINE WANJIKU WAIHENYA declare that this is my original work and that the same has not been presented to any institution of higher learning for the award of a diploma, degree or post-graduate qualification or for consideration of any certification. It has been complemented by referenced sources duly acknowledged. Where text, data (including spoken words), graphics, pictures or tables have been borrowed from other sources, including the internet, these are specifically accredited and references cited using current OSCOLA systems and in accordance with anti-plagiarism regulations. Signed by:- NAME: REGISTRATION SIGNATURE: NUMBER JACQUELINE WANJIKU WAIHENYA G62/8613/2017 Date: Thursday, November 19, 2020 Supervisor: This Project has been submitted for been submitted for examination with my authority as University Supervisor. Approved Signed:……………………………………………….. Date:……………………… PROF. PATRICIA KAMERI MBOTE GRADUATE SCHOOL OF LAW UNIVERISTY OF NAIROBI ii DEDICATION: -dedicated to- Alexis, Nicolette, Lilian, William, Maureen, Remy, Ryley & Dave -My Family- You don’t choose your Family, They are God’s gift to you, as you are to them. -DESMOND TUTU iii ACKNOWLEDGEMENTS In the first instance I thank the Almighty God for establishing me to lengthen my cords and strengthen my stakes. I wish to express my most sincere appreciation and heartfelt thanks to my Supervisor, Prof.
    [Show full text]